Wave Analysis

From 30th April this year, Bitcoin has been trading within the falling channel formation and is still pretty much within this zone. Recently, the immediate corrective wave (4) rallied higher but ended up rebounding from the upper trend line acting as a resistance to the falling channel. As long as this trend line protects the upper side, we expect a rally to the lower side. Ideally, we expect the rebound from this trend line to have marked the end of the corrective wave (4), that the current rally to the lower side is the unfolding of the impulsive wave (5) and should not go beyond 5166.05.

Trade Recommendations:

We're short towards 5166.05.

101% Double the volume